Response from ASX

I guess others are getting this today...

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Antares Energy Limited (“AZZ”)

Thank you for your email dated 15 September 2015 regarding the ASX announcement “Suspension From Official Quotation” released on the ASX Market Announcements platform that day.

ASX notes your opinion that a reasonable person would not expect the name of the private equity
purchaser to have a material effect on the price or value of AZZ’s securities in the absence of financial information that shows how able (or not able) the private equity purchaser is to pay the consideration for the transaction and that, as this information is unlikely to be publicly available for a private equity player, the omission of the name does not appear to breach ASX Listing Rule 3.1.

ASX does not agree.

ASX also notes your opinion that the suspension of AZZ directly impacts the ability of AZZ to negotiate satisfactory terms to its convertible noteholders and that if AZZ were to trade above $0.67, convertible noteholders may wish to convert at 3‐1 which would materially de‐risk the short term funding obligations/negotiations required of AZZ.

The basis for the suspension of AZZ is set out in the ASX Announcement to which you have referred. The suspension is directly attributable to the refusal of AZZ and its directors to comply with their continuous disclosure obligations. It is within their power to lift the suspension by complying with those obligations. Your concerns about the impact of the suspension should therefore be directed to AZZ and its directors.

Yours sincerely,
[sent electronically without signature]
Anjuli Sinniah
Adviser, Listings Compliance (Perth)